PhD defence: Andreas Brøgger

In order to obtain the PhD degree, Andreas Brøgger has submitted his thesis entitled: 

Financial Economics with Preferences and Frictions

His thesis explores how individuals’ preferences interact with frictions. Chapter 1 reveals that profit-seeking investors, driven by asymmetry in ESG mandates, invest in stocks with rising ESG ratings for higher returns. This contrasts with those having strong mandates, who are forced to own stocks with currently high ESG ratings. Chapter 2 explains in more detail how current ESG scores lead ESG-mandated investors to invest in stocks which go on to experience higher future emissions, rather than lower. As a solution, new assets called Emission Futures are introduced. Chapter 3 shows that the agency conflict between owners and managers of firms leads to increased demand for safe assets, such as treasuries, thereby raising their convenience yield.

Primary Supervisor:
Professor Jens Dick-Nielsen

Department of Finance

Copenhagen Business School

Secondary Supervisor:

Professor David Lando

Department of Finance

Copenhagen Business School

Assessment Committee:

Professor Ken L. Bechmann (Chair)

Department of Finance

Copenhagen Business School

Professor Alberta Di Giuli

Department of Finance, Paris Campus

ESCP Business School

Professor Zacharias Sautner

Department of Banking and Finance

University of Zurich

Thesis:
The thesis will be available from research.cbs.dk

Reception:
The CBS PhD School will host a reception, which will take place immediately after the defence in FUHU (3rd floor above the canteen).